Bitcoin trades near $83,000 as macro headwinds and US political uncertainty weigh on sentiment

Bitcoin traded near the $83,000 mark on Tuesday as market experts noted that rising US Treasury yields, a stronger dollar and uncertainty ahead of the US midterm elections influenced market sentiment. The cryptocurrency was trading around the $83,385 mark.

In the past 24 hours, Bitcoin was up 0.08% and Ethereum was up 1.73% to trade around the $2,507 mark. Among major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin and Cardano corrected by up to 6.26%.

BTC continues to consolidate below the $86,000-$87,000 resistance zone, with near-term direction largely dependent on broader macroeconomic conditions, said CoinSwitch Markets Desk.


It further said that market attention now shifts to Wednesday's US inflation report, with headline inflation expected at 3.7% and core inflation at 2.5%. A softer-than-expected reading could ease pressure on bond yields and support renewed momentum across crypto markets.

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The global crypto market capitalisation edged down 0.99% to $2.8 trillion, according to data on CoinMarketCap.

Minal Thukral, Executive VP-Growth & Crypto Business Head at CoinDCX, said Bitcoin yet again faced a rejection after attempting to rise above $84,000, bringing levels back below $82,000. Market sentiment remains neutral, while the crypto Fear and Greed Index slipped further to 53.

Over the last week, Bitcoin was down 2.99% and Ethereum was down 7.65%. Among major altcoins, BNB, Tron, Dogecoin, Hyperliquid and Cardano corrected by up to 14.24%.

Prateek Gupta, Head of Business at Mudrex, said Bitcoin is trading near $82,000 after finding support at $81,000 following a rapid liquidation of $120 million in long positions within 15 minutes. Market sentiment has cooled, with the Fear and Greed Index falling to 56 from around 80 in early October.

Gupta added that the US CPI release on Wednesday and Fed Chair Warsh's Friday remarks will serve as key catalysts. Support remains at $81,000, with resistance at $84,000.

Market perspective

Nischal Shetty, Founder, WazirX: For BTC Futures traders, rising open interest alongside stronger volume and balanced funding would provide better confirmation of a sustained breakout.

Riya Sehgal, Research Analyst, Delta Exchange: Crypto markets remain under pressure after another sharp deleveraging event, with Bitcoin briefly falling toward $81,000 before recovering near $83,000, while Ethereum bounced from around $2,400 toward $2,500. Near-term direction will likely depend heavily on CPI; softer inflation could extend the relief rally, while a hotter print could renew selling pressure.

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Avinash Shekhar, Co-Founder & CEO, Pi42: Bitcoin's latest correction reflects the collision of geopolitical uncertainty, rising oil prices and an upcoming US inflation report. For investors, Wednesday's US CPI release is the next major catalyst. A softer reading could ease macro pressure, but persistently high oil prices may keep inflation concerns elevated. Traders should watch Bitcoin's ability to reclaim $84,500 and manage leverage carefully, as volatility can intensify around key data releases.

Vikram Subburaj, CEO, Giottus: Bitcoin is trading around $82,000 as the crypto market faces renewed selling pressure. Recent outflows from US spot Bitcoin ETFs point to cautious institutional demand. Investors should avoid chasing rebounds or making large bets during heightened volatility.

Disclosure: This article has been written by Surbhi Khanna, who is not a Sebi-registered Research Analyst or an Investment Adviser. Surbhi Khanna and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here